We have come a way forward. Internet in 1983 to the internet-of-things in 1999, businesses have transformed drastically for their betterment. Now, it is the right time for all of us to reimagine our businesses in the digital age with digital transformation. Basically, a digital transformation is an optimized process of using all digital technologies to transform the way we operate. It refers to either creating a new or modifying the existing business culture, processes, and improving customer experiences. All these transformations help an organization to meet the changing business dynamics and market requirements.
Digital Transformation To Identify Gaps In Business Processes And Strategies
Digital transformation can take place in many different ways. If we see, artificial intelligence is the most talked term in the world of digital transformation. The other buzz, blockchain, is a technology that can be termed as a second digital transformation and will completely change our digital lives. The list goes on with internet-of-things, robotic process automation, mind-cloud computing, big data, business intelligence, machine learning, data science, and others. Here’s how these digital transformation tools and strategies can identify gaps in business processes and help your organization to craft the right growth-oriented strategies.
Strategic business value of blockchain technology
Digital technologies, over traditional methods, can improve business processes mainly by delivering the same results in a faster and safer manner. But, when it comes to blockchain technology, especially in banking, manufacturing, and energy, it comes as a need of an hour. Although the bubble of cryptocurrency has burst a bit, the hype around the blockchain is still higher. Blockchain can help streamline business processes, optimize operations and reduce the friction between parties involved in the exchange of information. Plus, it is immutable and secured. So it builds and boosts the trust among the parties involved.
If we talk about blockchain in the healthcare sector, its peer to peer distributed ledger technology can offer realistic benefits. Blockchain can act as a central administrator and streamline all healthcare transactions. The current patient data is scattered and there are very less ways to keep them tamper proof as well as handy. Blockchain can successfully resolve this issue. It can improve access to medical records, stop counterfeit drugs, improve clinical trials, and improve patient-doctor interactions.
Business benefits of adopting artificial intelligence
Artificial Intelligence can help your organization in finding solutions to complex business chal;enges in a more human-like fashion and implement those solutions as algorithms in a computer-friendly manner.
As per Accenture, AI technology can increase business productivity up to 40%
It takes over mundane repetitive tasks. And, also, it can perform complex tasks in fraction of the time it takes a human to complete. The outcomes produced by artificial intelligence solutions are easy to understand. If we take an example of the finance industry, artificial intelligence can transfer and cross-reference the data, update files, detect frauds, personalized advertising and marketing messages, and even personalize customer experience through chatbots and telephonic messages. Likewise, it has a major role to play in each and every business, every industry, every sector.
As per Gulf-times, in Qatar’s ‘Freshly brewed’ chief finance officer (CFO) seminar series’ Syed said there were six forces driving digital transformation in the banking industry globally: mobile banking; using data and analytics for segmentation and marketing; using social platforms to encourage consumer dialogue; adopting cloud based systems to reduce cost and increase efficiency; automating processes and systems using robotics, and exploring digital currency and blockchain
Internet-of-things (IoT) to boost profits
The IoT is a network of interconnected devices. It is embedded with the sensors, software and electronics that enables them to collect and interchange data to make devices responsive. As we all are experiencing, The IoT and connected devices like smartphones, tablets, and other devices are already in the process to transform our day to day life. Its grand entry at industry level can bring a drastic change and holds a great potential for organizations to boost their productivity as well as profits.
If we consider the education industry, application of IoT in schools and universities can be a boon. With wearable technology and wearable devices, the attendance of students can be automatically detected. With devices, important information can be passed on to the parents of the students in real-time. Institutes can set alert management to unauthorized visitors in the premises. With various educational software, tutors can provide more personalized coaching and even automate the reports and results. Students can study at their own pace and at their own time.
Further, augmented reality (AR) rich smart class can provide students immediate detailed information on any object they’re studying. Virtual reality (VR) simulations can also lend a great help to students in learning practical skills. Providing virtual training can assist students to learn from realistic scenarios without the risk of practicing an unfamiliar skill in an uncontrolled real-life situation.
So in all, adopt digital transformation in the form of big data, data science, artificial intelligence, internet of things or any other, before 2020 ends. It has a lot more to offer than you can imagine. Digital transformation is not only comprehensive but also holistic. It covers not only a huge number of processes, interactions, transactions, technological evolutions, changes but also internal as well as external factors, industries, and so forth. Digital transformation is not a one time job, it’s an ongoing journey. Change takes time to adopt, especially a profound change which possesses influence on the entire aspects of a business. Get set on and take your first tiny step to embrace the digital transformation.